Here is an overview of The Money Charity’s latest statistics for February 2018:
Personal debt in the UK
People in the UK owed £1.572 trillion at the end of December 2017. This is up from £1.512 trillion at the end of December 2016 – an extra £1,105.77 per UK adult.
Per adult in the UK that’s an average debt of £30,386 in December – around 114% of average earnings. This is slightly up from a revised £30,310 a month earlier.
Outstanding consumer credit lending was £207.1 billion at the end of December 2017.
Citizens Advice Bureaux across England and Wales dealt with 360,212 issues in December 2017.
Debt was the second largest advice category (behind benefits and tax credits) with 85,770 issues. This is up 3% on the same month last year. Debt issues represented 27% of all problems dealt with over the period.
Spending and Loans
Data from LINK shows that, on average, 95 cash machine transactions (including balance enquiries and rejected transactions) were made every second in December 2017.
The average APR for a £5,000 personal loan is 8.33%, according to the Bank of England. For a £10,000 loan it’s 3.85%, while the average rate for an overdraft is 19.71%.
An average of £22,222 was spent every second using debit and credit cards in October.
Mortgages rent and housing
The average mortgage interest rate was 2.55% at the end of December. Based on this, households with mortgages would pay an average of £3,138 in mortgage interest over the year.
Halifax estimate that house prices fell by 0.6% compared to last months estimate, but up 2.2% over the year. Whereas Nationwide estimate house prices rose by 0.6% in January, up 3.2% on 12 months ago.
According to the Council of Mortgage Lenders (CML), the typical first-time buyer deposit in October was 17.3% (around £29,068) – 109% of an average salary.
